Source - PRN

(“AJGF” or the “Company”)
(a closed-ended investment company incorporated in Guernsey with registration number 30709)

Subscription Rights Exercise
5 October 2016

The Board announces that applications have been received from shareholders in respect of exercise of the annual Subscription Right for 3,936,907 new Ordinary Shares. Accordingly, 3,936,907 new Ordinary Shares have been issued, conditional on admission, for an aggregate issue price of £5,659,697.50 at an exercise price of 143.76 pence per Ordinary Share. The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares in issue.

Application will be made for the new Ordinary Shares to be admitted to the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange. It is expected that admission will become effective, and that dealings in the new Ordinary Shares are expected to commence on, 10 October 2016.

In light of the prevailing Ordinary Share price and in accordance with the Company's Articles of Incorporation, the Company has appointed a trustee (the "Subscription Trustee") to determine whether all or any of the unexercised Subscription Rights in respect of the 3 October 2016 Subscription Date should be exercised on behalf of the holders of such rights (having taken account of the subscription price payable to the Company and all costs and expenses of exercise from the sale of Ordinary Shares arising on the exercise of the unexercised Subscription Rights).  A further announcement regarding the unexercised subscription rights will be made in due course.

The 2017 Embedded Subscription Right exercise price is 172.79p subject to audit.

Corporate Broker
Sue Inglis
Cantor Fitzgerald Europe
Tel: +44 (0) 20 7894 8016

Company Secretary
Cara De La Mare
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel:       +44 (0)1481 745498